“India will soon be a $5 trillion economy”: Know 10 Big Things PM Modi Said at BRICS Business Forum

by

BRICS Summit 2023: PM says his government is laying foundation of New India.

Johannesburg:
BRICS Summit 2023: Prime Minister Modi is currently visiting South Africa to attend the BRICS summit. The Prime Minister addressed the BRICS Business Forum in Johannesburg, South Africa on Tuesday. It is the first such summit of the BRICS member group of Brazil, Russia, India, China and South Africa since 2019, with all leaders attending in person.

Important information regarding the case:

  1. Prime Minister Narendra Modi said at the BRICS Summit on Tuesday that India will soon become a five trillion dollar economy and there is no doubt that India will become the engine of global growth in the coming years.

  2. Addressing the BRICS Business Forum Leaders’ Dialogue here, the Prime Minister said “mission-mode” reforms over the past few years have improved the ease of doing business in India. The country has turned disasters and hardships into opportunities for economic reform.

  3. The PM said that the implementation of the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code has boosted investor confidence. People of India have resolved to become a developed nation by 2047.

  4. Emphasizing on other reforms including technology-based solutions to tackle social and economic challenges, PM Modi said that India is now rolling out the red carpet by removing red-tapism. From the BRICS summit, the PM said that his government is laying the foundation of a new India.

  5. Inviting businessmen to join India’s development journey, Modi said India has opened up sectors such as defense and space to private investment and manufacturing is becoming more competitive due to reduced logistics costs.

  6. PM says his government is taking steps to make India a global manufacturing hub (hub) in areas like solar power, wind power, electric vehicles, green hydrogen, green ammonia. “It is clear that this will create a huge market for renewable technology in India,” he said.

  7. Referring to the UPI platform, the PM said that UPI is being used everywhere in India. Most of the digital transactions take place in India. He said it is used in India from street vendors to large shopping malls.

  8. Referring to India’s progress on the digital transaction front, PM Modi said that countries like UAE, Singapore and France are joining the Unified Payments Interface (UPI) platform and there is immense potential to work with BRICS countries as well. He said that Brazil, together with Russia, India, China and South Africa (BRICS) can contribute significantly to global welfare, especially in the ‘Global South’.

  9. “Today, India is the fastest growing major economy in the world. People’s income has almost doubled in the last 9 years,” the PM said in his address. PM said that India has taken a step in financial direction by using technology. Inclusion has taken a big step and rural women have benefited the most. He said more than $360 billion in Direct Benefit Transfers (DBT) have taken place, which has increased transparency in service delivery and reduced corruption and middlemen.

  10. Further, the PM said that India has the third largest startup ecosystem in the world. Pointing to the opening of new investment opportunities in the country, he said, “The number of airports has doubled in the last years. Defense and space sectors have been opened up to the private sector.”

Leave a Comment